Actions

Research shows more people 65 years and older are filing for bankruptcy

Posted: 3:50 PM, Aug 06, 2018

Updated:2018-08-06 20:50:02Z

By:
Annie Taylor

New research shows more people 65 years old and older are filing for bankruptcy instead of retiring.

The biggest cause of bankruptcies, according to a recent CNBC report, are medical bills.

“Insurance, no matter what kind of insurance one has, typically only goes so far," says bankruptcy judge William J. Lafferty. "And when one has to actually start paying for those expenses, they rack up very quickly. It’s an immediate game changer for most families.”

Another large factor is losing a job.

“It’s probably a lot harder when you are 65, and you’re not sure if you’re going to have a job again," says Lafferty. "And you’re not sure if that promotion is as likely.”

Whether you've filed for bankruptcy or not, most everyone has something in common.